Unfortunately last night's warnings came true. In fact the trendline break and confirmation (similar to the triangle break pattern I sent before) confirmed the collapse literally hours before the actual drop in price. Many would say the drop in price was due to the news of China, etc.
Technical Traders argue that there are always "people in the know", or insiders (possibly inside the Chinese government) who tell their friends and family, "sell your bitcoin now". The fingerprints of these "insiders" can be seen on the chart, and warn technical traders before the news actually comes out.
This has been true of almost every significant drop in price in history. Whether it was from insider trading, or the Technical Analysis god's taking pity on us chart watchers, nobody knows. But the fingerprints are almost always there.
As for bitcoin pushing back up. there are several technical things that need to happen before bitcoin can resume it's uptrend and recovery in a steady fashion.
* Disclaimer: The severe warnings mentioned in this post, only went out to our traders last night. I will always publicly only post moderate cautions, because I never want to be accused of causing a panic.
